General Motors CEO Rick Wagoner Quits: Restructuring FAIL
General Motors CEO Rick Wagoner will be stepping down as the head of the deeply troubled American auto giant by the end of the month - this according to several reports including CNBC and GMInsideNews.
Wagoner apparently did not come to the decision on his own and while he was not "forced" he was apparently asked to abdicate the General Motors throne by senior White House officials. GM's Vice President, Fritz Henderson is expected to take over the helm of the company (We don't envy him).
Wagoner took up the position of CFO at GM in 1992, becoming executive vice president in 1994. In 2000 he continued to move up the corporate ladder, taking a new position as president and chief operating officer, adding chairman to that long list of titles in 2003.
During Wagoner's reign, GM's shares have taken a catastrophic hit, dropping from a high of $60 to a low of $1.27 - a loss of roughly 98 percent.
I know that the current situation is a little gloomy, but I think we all love the Corvette and saying that I think it would be helpful to look historically at the Corvette. For 50 years now it's been the flagship for the entire Chevrolet line and a launching pad for advanced GM technology. And if you've read the book "All corvettes are Red" you'll notice the corvette has come close to death before, BUT. . . The Corvette has a loyal and trusted following and most important, the corvette is relatively cheap to produce. I believe I read that the C-5 cost 250 million to design and first produce. Ford spent many more millions on the redesigned Turaus. I know the number of sold units arn't really high, but of the cars build, they almost always sell every one they build. So I think the future is going to be rocky for a few months, but the Corvette is going to come out on the other side in good shape. Look, th current C-6 could go on with only minor mods for the next few years without becoming "Dated' Me, I'm just optimstic despite the current fuss. And the cost for Marketing is nonexistant, you put the car on the street and it sells itself. Look at the LS-9, the 'Blue Devil' the thing was famous before the wheels were bolted on. And once the auto mags took one look at it and they raved, the test track was just insurance on a super car !